ABOUT#XRP $XRP
Egrag’s latest analysis was coined out of XRP’s weekly Volume Profile Visible Range (VPVR) chart, from which he highlighted two significant markers: The Value Area High (VAH) and the Low-Value Area (VAL).
Describing what the VAH and VAL appeared to indicate, the crypto chartist noted, “Value Area High (VAH) represents the highest price within the 70% total value area, while the Low-Value Area (VAL) marks the lowest price within this range.”
Notably, based on the shared charts, VAH could be traced around the $0.55 price region, implying a crucial resistance level while the VAL seemed to have formed between the $0.11 and $0.25 price marks.
Multi-Month Trendline – Implications On Retesting
According to Egrag, XRP has succeeded in breaking free from a multi-month trendline. He also noted that the digital asset had successfully revisited the breakout, which he believes would tend towards painting a bullish picture for XRP in the future by setting the stage for a potential price upswing.
Delving further into his analysis, Egrag noted that XRP must consolidate at a position above the VAH, which is currently resting above the trendline described above. Egrad added that concluding weekly candles above the $1 price level would not only pose a structural landmark for XRP but could also tend to become a psychological barrier.
Worthy of mention is the fact that the multi-month downward trendline came to light after XRP dropped from its $1.96 price high attained in April 2021. The decline persisted for over a year and finally broke through on July 13 following the widely celebrated summary judgment that partly cleared Ripple of the charges against it by the United States Securities and Exchange Commission
The analyst labeled the trendline as the next macro resistance point for XRP, adding that the longer XRP takes to establish a reasonable basis for its rally, the higher its price when the bull run eventually sets in.
Egrag noted that if the rally plays out as analyzed, its next macro resistance level could be at the $3 price mark. .
